Succession Planning Definition - Succession Plus

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Succession Planning Definition

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Succession Planning Definition

By , February 8, 2017
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Succession Planning in the USA often refers to what we call management succession – identifying a strategy to train, upskill and identify talent within an organisation that is worthy of promotion, and identifying what training/skill gaps exist and a program to fill those gaps.

In Australia, we use a much wider definition that includes exit planning, business harvest and transition planning. Succession Planning in Australia is about taking a strategic approach to maximising the value of the business and successfully managing your exit as a business owner.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.